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Do It! Review 7-3 Sheffield Company has an old factory machine that cost $55,000. The...

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Do It! Review 7-3 Sheffield Company has an old factory machine that cost $55,000. The machine has accumulated depreciation of $30,800. Sheffield has decided to sell the machine (a) Prepare a tabular summary to record the sale of the machine for $27,500 cash (b) Prepare a tabular summary to record the sale of the machine for $16,500 cash. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities Stockholders Equity Retained Earnings Cash +EquipmentAccum. Depr. Equip. +Common Stock Revenue Expense -Dividend Bal Gain on disposal Loss on disposal Assets = Liabilities Stockholders' Equity Retained Earnings Cash Equipment - Accum. Depr.-Equip + Common Stock Revenue Expense -Dividend Bal

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